Business & Finance: 15x

John Jacob Raskob has been both bull and bear. His most bearish moment was on the eve of the bankers' convention (TIME, Oct. 15), when he observed that "security prices have far outrun demonstrated values." His most bullish moment was on the eve of his sailing for Europe last March, when he predicted new records for General Motors, observing that the stock should sell at 15 times its earnings, or $225 a share.

Time graciously justified the Most Bullish Moment. General Motors did set new records, did eventually climb to a tantalizing 224⅛. But by the time the stock had reached Bull...